Around the World's Markets: HONG KONG

HONG KONG

STOCKS CLOSED higher, led by banks and some property shares, as investors shrugged off warnings that the market is overbought. The Hang Seng index closed up 381.57 points, 2.39 per cent, at 16,370.95.

Traders and analysts said that the market, which piled on 2,120 points or 16 per cent in November, had gained 993.76 points or 6.46 per cent in just over a week as retail investors and some institutions continued to pile in.